A Nigerian, who styled himself as Pastor Ernest
Chigozie Mbanefo is the mastermind of the suspected Ponzi scheme known
as MMM Nigeria.
According to an online report, Mbanefo is based in South Africa.
Communications Week said Mbanefo registered the site MMM-Nigeria.net domain on June 7, 2016 about at about 5 pm Nigerian time.
NAN
quoting NCW And Pageone report written as far back as September said
Mbanefo made a single year domain payment. The domain will expire on
June 7, 2017.
It was also revealed that MMM Nigeria is not part of
MMM Global – a Russian company that was responsible for one of the
world’s largest Ponzi schemes in the 1990s.
MMM Global was founded by Russian politician Sergei Mavrodi, his brother Vyacheslav Mavrodi and Olga Melnikova.
The
name of the company was taken from the first letters of the three
founders’ surnames (MMM) But like MMM Global, the Nigerian scheme is
also a pyramid marketing scheme where an investor gets a 30 per cent
return on investment.
Around the world, MMM is feared. In January
2016 the Chinese government banned MMM on the grounds that it is a
pyramid scheme, (Ponzi scheme), and it is not registered in the country
(and as a fraudulent scheme cannot be registered.
MMM recently
crashed in Zimbabwe: Thousands of ‘Mavrodians’ in Zimbabwe were left in
tears when the scheme crashed, losing tens of thousands of their
lifetime savings.
PageOne gave Mbanefo’s address as 1 ROYAL STREET, LINDBERG PARK, JOHANNESBURG, SOUTH AFRICA.
According
to Page One, on the 15th of July, Ernest was awarded a certificate of
completion of an online course titled ‘MMM Guiders School’. The
certificate was supposedly signed by Sergei Mavrodi himself. He has
since given himself the nickname the ‘Super Guider of MMM’.
To share
news and information about MMM, Ernest also operates a subdomain
‘news.mmm-nigeria.net. The site praises him and projects him as the
leader of the Ponzi Scheme in Nigeria.
“He is described as: MMM
Nigeria Super Guider; Pastor Ernest Mbanefo, has been selflessly helping
thousands of MMM Nigeria Participants whether or not they fall under
his downline structure.
The brain behind the MMM NIGERIA
REVOLUTION operation has been working selflessly and tirelessly towards
the education, information and proper guidance for the MMM Nigeria
Community’
Culled from NAN.
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